Do you have a business plan for your new swim school? Find all the information you need below.
Simply writing down your intentions will help to clarify your thoughts and plans and can often help determine quickly if you have a sound proposition. Plan over a 12 month period initially, stretching to longer if you intend to grow the scheme or develop into new areas. Repeat the process or update the original plan each time you are thinking about any significant changes.
You will need to open a separate bank account to record all the financial transactions.
In preparing a budget consider the following items:
- Cost of pool hire
- Hiring additional teachers
- Cost of staff training
- Attendance at CPD Seminars
- Administration – telephone, postage, etc.
- Advertising & Marketing
- IOS Membership Fees
- Additional Insurance
- Professional Fees – Solicitors, Accountants, etc.
- Contingency fund – just in case……
- Incoming lesson fees
- And hopefully……………..a profit!
Running a Swim School is a relatively simple business – in general terms, fees are collected in advance and all the bills are paid in arrears – so in theory your bank account should always be in credit. But try to paint a realistic picture – not just assume everything will be rosy!
At this point, it’s recommended that you look to an Accountant or other Financial Adviser for a second opinion on whether your plans are realistic. They will also be able to advise on any taxation implications, including VAT and also the best structure for the business – partnership; limited company, etc. This is a complex area and such advice is vital – you must remember that the rules are constantly changing.